The Importance of Food and Beverage in the FEC Industry
Many of the top industry vendors stated as little as 5 years ago that food didn’t serve a purpose in the family entertainment industry. Wow, have times changed. Although many properties dated back as far as 1980 with the growth of Chuck E Cheese and Dave and Busters used food service as a tool to capture gaming revenues, many smaller groups did not see the value in the opportunity. Moving forward to today, food is important for the success of the brand. In many cases, it is also the key driving force and differentiator for a brand’s success in a market vs. others. A few graphs will show the significant nature of why food has now become a staple in the industry.
In today’s environment, the economy is strong, and the USA’s families have seen a comfortable living again with more disposable income than the last 5-7 years. However, due to the active nature and a demand for a career, time is now a commodity. Due to this, on average, families now go out to eat about 5 times a week. Much of the disposable income, due to the limits of time, is used for dining out. This limits the opportunity of entertainment that does not have a good food program. Going out to eat and then going to an entertainment center takes up too much time. Therefore, if each is not available under one roof, entertainment is sacrificed. Everyone has to eat, leaving entertainment on the back burner.
The Consumer Price Index shows the importance of food and beverage. Recreation (entertainment) is a small fraction of the CPI. The combination of both allows for a more sustainable model.
Restaurant industry sales have more than doubled over the last 17 years!
In 2015, for the first time in history, going out to eat equaled purchases at grocery stores!
One final thought, although you have a food program, how you offer, it can significantly enhance or detract from your brand. Make the right choices for success. It’s easier than you think!
If you are new to the Bar, Restaurant, or Family Entertainment Center industry, concerned with you operational performance, looking to modify your existing single operation to include multi-venue entertainment, or having challenges in understanding how to utilize all your space to maximize sales and profits, Turfway Entertainment Management Group (TEMG) can help!
As owners/operators with over 60 combined years in the food, beverage, and entertainment industry, they offer all the resources to meet every need of operating a successful business. Feasibility studies, design, staffing, training, daily operations, accounting, marketing, and advertising solutions, TEMG can make your business uncomplicated and affordable.